This story is from October 20, 2014

Gold cheaper than last Dhanteras but buying sentiment remains slow

Tuesday marks Dhanteras, the first day of Diwali, when people make a symbolic auspicious purchase to augment wealth. However, buying sentiment remains low as indicated by bookings of bullion and electronic items
Gold cheaper than last Dhanteras but buying sentiment remains slow
MUMBAI: Tuesday marks Dhanteras, the first day of Diwali, when people make a symbolic auspicious purchase to augment wealth. However, buying sentiment remains low as indicated by bookings of bullion and electronic items.
The purchase mahurat or pradosh kaal spans 6.08pm to 8.38pm. The puja mahurat begins at 7.37pm. This is when householders worship Goddess Lakshmi and Lord Kuber with offerings of seven cereals, milk, white sweetmeats, gold-coloured flowers, bullion and fragrance.
Lord Dhanvantari, the god of medicine, was born on Dhantrayodashi so the day is dedicated to his worship as well. Lord Yama, the god of death, is also appeased to ward off untimely death.
Mumbaikars will take delivery of new cars and shop for gold, electronic items, vessels, even dried coriander seeds for good luck.
Manager of Waman Hari Pethe in Girgaum, Sharad Pednekar said the trend towards gold coins has gained ground. “Rates are lower by almost Rs 4,000/10gm compared to last Diwali when the yellow metal was selling for Rs 32,000. Now that the price has fallen to Rs 28,000, people expect rates to dip further. Moreover, since Narendra Modi has taken charge as prime minister, accumulated gold stock is now in the open market. People who have weddings during November-December are buying, otherwise sentiment is slow,” he added.

At Popley in Bandra, Monday’s rate was Rs 26,800/10gm for jewellery. Gold coins were selling for Rs 3,168/gm. A representative of Waman Hari Pethe in Dadar said, “We received a few bookings on Dussehra day and are hoping more customers walk in tomorrow.”
Electronics showrooms in Andheri and Linking Road reported mediocre bookings of mobile phones and LED TVs. “The average price for high-end items is Rs 40,000, but this season we have not received too many bookings,” said a representative of Vijay Sales in Andheri.
At J B Nagar in Andheri, Nagin Dedhia of Arihant Steel stocked up an entire range of steel and aluminum utensils for Dhanteras. “Metal is an auspicious purchase at Dhanteras so most buyers do not come with a fixed budget. They buy small or big items that are required in the household or catch their fancy,” he said, adding that store owners do not charge a premium during Diwali.
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